By ForexDistrict -
After a strong performance in late Europe, the Dollar has weakened overnight. EURUSD rose to a high of 1.3940 so far after closing the day at 1.3860 in New York. Cable, which was temporarily trading well underneath of the psychological 1.60 level in Europe recovered to as high as 1.6125.
The biggest mover yesterday was USDJPY, which dipped to 91.70 yesterday, the lowest level in 5 months. In Asia this morning the pair turned and has presently recovered back to 93.30. As outlined earlier in the week, the move was mainly motivated through EURJPY and GBPJPY selling. GBPJPY which stood at 156 on Monday traded down nearly 10 big figures to reach a low of 146.90 in Europe before marking a strong return in Asia this morning. Presently at 150.10, the pair has risen more than 2% in just a few hours. EURJPY was slightly less volatile, but with a Monday-Wednesday drop from 134 down to 127 last night and subsequent bounce to 129.70 this morning, we still consider it as one of the more active pairs this week.
The Australian Dollar recovered somewhat from its collapse last night. In a sudden drop in European afternoon AUDUSD shed more than 2% from 0.79 down to 0.7725 on the back of the general Dollar strength. Overnight the AUD has recovered to 0.7820 but the outlook remains rather bearish. Read More
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Technical Levels for certain currency pairs EUR/USD: Presently trading at 1.4064 bid Resistance levels at 1.4092 and 1.4150. Support levels at 1.3975 and 1.3920 We favor short EUR/USD positions. USD/JPY: Presently trading at 96.88 bid Resistance levels: 97.15 and 97.60 Support Levels: 96.20 and 95.50 Pair is currently (96.88) right at an inflection...